PDF attached
US ethanol production dropped a more than expected 44,000 barrels to 959,000, largest weekly decline since late December. 959,000 barrels per day is lowest since the week ending January 6. Ethanol stocks declined by 8,000 barrels, 4th consecutive weekly decline. For comparison, a Bloomberg poll looked for weekly US ethanol production to be down 4,000 thousand barrels and stocks down 38,000 barrels. Early September to date US ethanol production is running 3.7 percent below the same period year earlier. US gasoline stocks fell 330,000 barrels to 222.25 million. Stocks have decreased eight consecutive weeks. Implied US gasoline demand fell 359,000 barrels to 8.936 million, and demand has improved this month compared to a year earlier. Net production of combined finished reformulated and conventional motor gasoline with ethanol was 8.807 million barrels, up 64,000 barrels from the previous week and represents 92.7 percent of total finished motor gasoline, up from 92.1% previous week.
US DoE Crude Oil Inventories (W/W) 07-Apr: +597K (est -1.050M; prev -3.739M)
– Distillate Inventories: -606K (est -200K; prev -3.632M)
– Cushing OK Crude Inventories: -409K (prev -970K)
– Gasoline Inventories: -330K (est -1.900M; prev -4.119M)
– Refinery Utilization: -0.30% (est 0.55%; prev -0.70%)
| Terry Reilly Senior Commodity Analyst – Grain and Oilseeds |
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Weekly_EIA_Ethanol_Data-FI041223.pdf